Singapore, Jan 22, 2026, 15:29 SGT — Regular session
- Keppel shares climbed roughly 1.4% during afternoon trading in Singapore
- Local sources have identified plans for a 720MW data centre near Morwell, Australia, with an estimated cost of $10 billion
- The next key event for investors is Keppel’s full-year earnings report, due February 5
Shares of Keppel Ltd rose Thursday, fueled by renewed focus on the company’s expansion into data centres amid plans for a significant Australia project linked to AI demand. By 3:29 p.m. in Singapore, the stock had gained 1.4%, trading at S$10.88. (MarketScreener)
This shift is significant since data centres have turned into a hot spot for investment — large initial costs, but potentially steady, fee-based revenue if operators secure long-term leases and clients. For Keppel, the focus isn’t just on constructing server halls but also on preparing the sites and power infrastructure.
Investors are beginning to shift focus from daily price swings to the upcoming earnings report. Keppel is set to reveal if its recent moves into connectivity and private funds are delivering consistent profits, rather than just grabbing headlines.
Keppel slipped for the second day running, finishing Wednesday at S$10.73 following a 1.55% drop the session prior, according to stock history data. (StockAnalysis)
Latrobe City Council in Australia expressed support for a proposed $10 billion data centre in Morwell, highlighting the location’s connection to the power grid and availability of a non-drinkable water source. Still, the council stressed that planning conditions must be satisfied. Mayor Sharon Gibson described the project as an opportunity to usher in “the next era of industry” for a community grappling with coal mine shutdowns. (Mirage News)
Last week, Keppel announced it secured rights to lease a 123-hectare site near Morwell, Victoria, offering up to 720 megawatts of gross power capacity. The deal was struck with landowner Lightwood Group. Keppel will cover an annual access fee for early entry and pre-development work. Later, its private data centre funds plan to take on longer leases. This forms part of Keppel’s “powerbanking” strategy—a pipeline of sites with power and land locked in ahead of demand. (Keppel)
Keppel’s connectivity chief, Manjot Singh Mann, revealed the company is in “active discussions” with hyperscalers and neoclouds—major cloud giants and emerging AI-focused compute providers—about securing capacity. He highlighted the site near Morwell for its “significant scalability,” noting its access to green power, cooling water, and fibre connectivity. (Keppel)
Still, the proposal faces clear hurdles. ABC News noted that community groups have voiced worries over water consumption and its clash with demands like mine rehabilitation. Local officials, however, said they plan to collaborate with Keppel during the approvals process. (ABC)
Keppel will unveil its second-half and full-year 2025 results before markets open on Feb 5. Investors are keenly awaiting details on funding, customer commitments, and the timeline for the Australia campus. They’ll also be listening closely to whether management pitches the project as a near-term build or more of a long-term play. (Keppel)
